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2014-02-08 11:17:02
Zero Down Payment Home Buying

Buying Your Utah House with No Down Payment

By https://www.ruthiegood.com


Who wants to rent and live in someone else's property? I know most all of us want to buy our own home and decorate it to our own personal tastes.   This allows us to create warm memories for our children in their own family home. Now, here in Utah it is the perfect time for you to buy a home.  If having a down payment has been your deterrent you might want to read on to see what no down payment home buying options there are out there. 


Zero Down Conventional mortgage loans

Conventional mortgage loans usually require a down payment of  5 to 20% of purchase price of the house. I have found several lenders that offer zero down payment for first time home buyers with qualifying credit scores.  This is a single 100% loan with one monthly payment.  I also have identified loan a conventional loan that is for anyone with qualifying credit. This is in the form of a First mortgage and a second mortgage (piggy back loan). 


VA Zero Down Loans

The VA loan is a 100% Mortgage loan with no mortgage insurance required.  VA guarantees the loans of qualified active and retired members of the military service and their unmarried widows.  There is a  VA funding fee associated  and is usually incorporated into the purchase price and added to the monthly mortgage payments.


USDA Zero Down Loans

The USDA (United States Department of Agriculture) Rural Development program's mission is 'to improve the quality of life in rural areas.' Their Housing and Community Facilities Programs offer zero down payment home loans to qualified individuals purchasing and living in homes in eligible (rural) areas. A list of the eligible area’s are available on my web site https://www.utahhousesforsale.net  


FHA Utah Housing Zero down payment option

FHA allows several down payment assistance options and in Utah the most I see used is the Utah housing program.  Utah Housing loans allow you to borrow all or a portion of your down payment and closing costs. You can purchase a home with FHA or VA financing with little or no cash investment Iin Utah through a Utah Housing.  Eligibility is easy to establish just contact a Participating Lender and they will tell you right away.

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Zero Down Payment Home Buying

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